Cowen AND Company LLC Sells 500,000 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Cowen AND Company LLC reduced its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 8.9% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,129,103 shares of the biotechnology company’s stock after selling 500,000 shares during the quarter. Avidity Biosciences comprises 5.8% of Cowen AND Company LLC’s portfolio, making the stock its 5th largest holding. Cowen AND Company LLC owned about 5.36% of Avidity Biosciences worth $209,524,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of RNA. Arizona State Retirement System grew its stake in shares of Avidity Biosciences by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock worth $816,000 after purchasing an additional 405 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Avidity Biosciences by 134.1% during the 2nd quarter. Victory Capital Management Inc. now owns 21,817 shares of the biotechnology company’s stock valued at $891,000 after acquiring an additional 12,497 shares during the last quarter. 9258 Wealth Management LLC bought a new stake in shares of Avidity Biosciences during the 2nd quarter worth $394,000. TD Asset Management Inc grew its holdings in shares of Avidity Biosciences by 140.7% in the 2nd quarter. TD Asset Management Inc now owns 513,338 shares of the biotechnology company’s stock worth $20,970,000 after acquiring an additional 300,054 shares during the last quarter. Finally, Rhumbline Advisers grew its holdings in shares of Avidity Biosciences by 19.0% in the 2nd quarter. Rhumbline Advisers now owns 141,481 shares of the biotechnology company’s stock worth $5,779,000 after acquiring an additional 22,604 shares during the last quarter.

Insiders Place Their Bets

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $37.59, for a total value of $187,950.00. Following the sale, the director now owns 14,830 shares of the company’s stock, valued at approximately $557,459.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Sarah Boyce sold 28,000 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $43.35, for a total transaction of $1,213,800.00. Following the completion of the sale, the chief executive officer now owns 205,043 shares in the company, valued at approximately $8,888,614.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $37.59, for a total transaction of $187,950.00. Following the completion of the transaction, the director now owns 14,830 shares in the company, valued at $557,459.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 379,478 shares of company stock worth $14,679,680. 3.68% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Bank of America lifted their price objective on shares of Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Needham & Company LLC reiterated a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a report on Tuesday, August 13th. Evercore ISI reduced their price objective on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, August 26th. Barclays began coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price target for the company. Finally, Chardan Capital lifted their target price on shares of Avidity Biosciences from $45.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $55.86.

Avidity Biosciences Stock Up 2.5 %

RNA stock traded up $1.01 during mid-day trading on Monday, reaching $41.47. 102,870 shares of the stock traded hands, compared to its average volume of 1,313,228. The business has a 50-day moving average of $43.42 and a two-hundred day moving average of $32.50. Avidity Biosciences, Inc. has a 52 week low of $4.82 and a 52 week high of $48.80.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Friday, August 9th. The biotechnology company reported ($0.65) EPS for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.11. The company had revenue of $2.05 million during the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. As a group, equities research analysts anticipate that Avidity Biosciences, Inc. will post -2.96 EPS for the current year.

Avidity Biosciences Profile

Avidity Biosciences, Inc, a biopharmaceutical company, engages in the delivery of RNA therapeutics. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat diseases previously untreatable with RNA therapeutics. The company's lead product candidate AOC 1001 for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease that is in phase 1/2 clinical trial.